Sirius XM Radio profit more than doubles

SaumyaVaishampayan

NEW YORK (MarketWatch) -- Sirius XM Radio Inc.
SIRI, -1.09%
reported on Tuesday that fourth-quarter profit more than doubled to $156.2 million, or 2 cents per diluted share, from $71.3 million, or 1 cent a share, in the year-ago period. Quarterly revenue rose to $892.4 million from $783.7 million in the fourth quarter of 2011. A survey of analysts by FactSet produced consensus estimates of profit of 2 cents a share for the quarter on revenue of $899.7 million. The New York-based satellite radio provider said it expected 2013 revenue of more than $3.7 billion and total net subscriber additions of about 1.4 million in the same period. Sirius XM said it will begin its previously announced $2 billion stock repurchase program.

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